U.S. real estate investment trust company Rexford Industrial Realty, Inc. announced that it has purchased a multi-tenant industrial property for $18.2 million.
The building is situated in the Los Angeles Central submarket.
Rexford Industrial said that the deal provides an opportunity to offer small-to mid-sized cold storage spaces to tenants searching for alternatives to higher-cost warehouses.
The company plans to upgrade the property's functionality and energy efficiency with the potential to roll in-place leases to higher market rates. d.